Retail brokerage increased the number of active accounts to 20,400.
In addition, the average value of the first deposit rose 105%.
The
significant increase in EBITDA for the first nine months of 2023 led to a
positive reaction among NAGA Group's (XETRA: N4G) shareholders, with the stock price
rising nearly 20% during today's trading session. The 15% jump in the number of
active clients also contributed to the positive sentiment among investors.
NAGA Group Reports EBITDA Growth of 15% in Brokerage Business
NAGA's
preliminary EBITDA for the first three quarters of 2023 stood at €4.2 million,
a stark contrast to the €4.2 million loss reported in the same period last
year. The company generated €28.4 million in revenue from its brokerage
business, resulting in an EBITDA ratio of around 15%.
One of the
driving forces behind NAGA's growth has been its focus on reducing costs. The company
has significantly reduced its operational and marketing expenses, allowing it
to expand into new markets. The company
has also optimized its user acquisition strategy, reducing its marketing and
sales expenditure from €26 million in 2022 to €4 million in 2023. Despite this,
the number of newly funded accounts only dropped 19%.
However, the
number of active accounts increased by over 15%, from 17,700 reported for the
first nine months of 2022 to 20,400 for the corresponding period in 2023. The data
corresponds with H1 2023 results, where NAGA showed a jump of 22% in the active traders
base.
“We have
spent and hired in recent years according to established, capital intensive
market standards, as has happened with many industry peers and tech companies,”
Michael Milonas, the Chief Executive Officer (CEO) at NAGA Group, noted.
“Our
focus this year has been to reduce spending and increase efficiency. Spending
80% less and seeing growth across all our core KPIs makes us confident for the
upcoming months.” Blinski was promoted to the position of NAGA’s CEO in June
when the company announced its successfully secured funding of $8.2 million.
In response
to the third quarter and first nine months of the 2023 report, NAGA's shares on the
German stock exchange gained nearly 20% at one point. Currently, the price for
one company share stands at €1.2.
Digging Deeper into the
Data concerning Clients and Accounts.
Looking at
more specific accounts-related data, the traded volume increased to €110
billion, compared to €98 billion, along with 7.3 million executed transactions,
up from 6.2 million in the first nine months of 2022.
Client
equity surged 47% to €34 million from €23 million on the same date in 2022.
Additionally, new accounts contributed significantly more equity, rising from
€6.2 million to €8.9 million and translating to an increase of 42%. This
equates to an average of €913 per new account, marking an increase of 105% compared
to the same period last year. Finally, the average monthly churn rate improved,
dropping from 8.4% in the first three quarters of 2022 to 5.3% for the same
period in 2023.
In the most recent move, NAGA has brought artificial intelligence technology to its social trading app and its proprietary payments technology in partnership with Rezolve AI Limited.
The
significant increase in EBITDA for the first nine months of 2023 led to a
positive reaction among NAGA Group's (XETRA: N4G) shareholders, with the stock price
rising nearly 20% during today's trading session. The 15% jump in the number of
active clients also contributed to the positive sentiment among investors.
NAGA Group Reports EBITDA Growth of 15% in Brokerage Business
NAGA's
preliminary EBITDA for the first three quarters of 2023 stood at €4.2 million,
a stark contrast to the €4.2 million loss reported in the same period last
year. The company generated €28.4 million in revenue from its brokerage
business, resulting in an EBITDA ratio of around 15%.
One of the
driving forces behind NAGA's growth has been its focus on reducing costs. The company
has significantly reduced its operational and marketing expenses, allowing it
to expand into new markets. The company
has also optimized its user acquisition strategy, reducing its marketing and
sales expenditure from €26 million in 2022 to €4 million in 2023. Despite this,
the number of newly funded accounts only dropped 19%.
However, the
number of active accounts increased by over 15%, from 17,700 reported for the
first nine months of 2022 to 20,400 for the corresponding period in 2023. The data
corresponds with H1 2023 results, where NAGA showed a jump of 22% in the active traders
base.
“We have
spent and hired in recent years according to established, capital intensive
market standards, as has happened with many industry peers and tech companies,”
Michael Milonas, the Chief Executive Officer (CEO) at NAGA Group, noted.
“Our
focus this year has been to reduce spending and increase efficiency. Spending
80% less and seeing growth across all our core KPIs makes us confident for the
upcoming months.” Blinski was promoted to the position of NAGA’s CEO in June
when the company announced its successfully secured funding of $8.2 million.
In response
to the third quarter and first nine months of the 2023 report, NAGA's shares on the
German stock exchange gained nearly 20% at one point. Currently, the price for
one company share stands at €1.2.
Digging Deeper into the
Data concerning Clients and Accounts.
Looking at
more specific accounts-related data, the traded volume increased to €110
billion, compared to €98 billion, along with 7.3 million executed transactions,
up from 6.2 million in the first nine months of 2022.
Client
equity surged 47% to €34 million from €23 million on the same date in 2022.
Additionally, new accounts contributed significantly more equity, rising from
€6.2 million to €8.9 million and translating to an increase of 42%. This
equates to an average of €913 per new account, marking an increase of 105% compared
to the same period last year. Finally, the average monthly churn rate improved,
dropping from 8.4% in the first three quarters of 2022 to 5.3% for the same
period in 2023.
In the most recent move, NAGA has brought artificial intelligence technology to its social trading app and its proprietary payments technology in partnership with Rezolve AI Limited.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Finalto Unveils Guidelines for Retail Brokers: "Compliance Is a Culture of Responsibility"
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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